JBS’s Pilgrim’s Pride Corp. unit offered $45 a share Hillshire Brands Co., it said in a statement today. The deal is contingent on Chicago- based Hillshire scrapping its $4.3 billion agreement to acquire Pinnacle.

U.S. stocks swung between gains and losses, while the Dow Jones Industrial Average rose above 16,000 for the first time, after a Federal Reserve official said policy will remain accommodative as the economy improves.